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GST Council extends Due Dates for Annual Returns and Other GST Returns

Garrett Mcdonald |Saturday, December 22, 2018

India cuts tax rates on some goods after election loss

GST Council on Saturday slashed tax rate on seven goods in the 28 per cent slab thus leaving only 28 luxury items such as dishwasher and cement left in the highest bracket. "Today, the GST system has been established to a large extent and we are working towards a position where 99 percent things will attract the sub-18 percent GST slab", Modi had said earlier during the week, while hinting that the highest tax slab (28 percent) will be restricted to luxury and sin goods. Party insiders had been vocal in their demands for the leadership and government to come up with populist measures that could prevent the momentum for 2019 from being dissipated. The council comprises representatives from the central and all state governments. The Government of India has taken various measures to check GST evasion including Intelligence based enforcement; E-Way bill squads; Systematic Analysis of Data and Setting-up of Directorate General (Analytics & Risk Management) among others. The new tax rates will be effective starting January 1, 2019. "Accessories for carriages for specially-abled persons have been brought down to 5%". Furthermore, he stated that the services supplied by the banks to Jan-Dhan account holders will also be exempted from GST. "Cement's revenue is Rs 13,000 crore and automobile parts revenue is 20,000 crore". The GST Council had gone for a massive 10% cut.

The Items which are brought under 18 percent to 28 percent slab are Monitors and screen up to 32 inches, gearboxes, retreaded tyres, power banks of lithium-ion batteries, video games and other sports-related items.

"The statement of the Prime Minister made just before the GST Council meeting undermines the constitutional authority of the GST Council as it pre-empts the decision-making authority of the council", Mitra had alleged.

- According to a BTVI report, Congress ruled states opposed pruning of 28% rate slab at the GST council meeting. "This was a very important GST Council meeting, particularly in view of recent political developments, and it's great to see that all decisions have again been taken by consensus", said Pratik Jain, partner and leader (indirect tax), PwC India.

The panel will be assisted by the committee of experts from the Centre, states and National Institute of Public Finance and Planning (NIPFP). "We are glad that the GST Council has recognised the issue".

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